What Is the Biggest Sports Equipment Company? (2025 Answer with Data)

TL;DR

• Short answer: Nike is the biggest sports equipment company globally in 2025-both by revenue and market value. Nike’s FY2024 revenue was about $51.4B (Nike, Form 10‑K, July 2024), the highest in the category.
• If by “equipment-only” (balls, rackets, protective gear-not footwear/apparel), the biggest diversified manufacturer is often Amer Sports (Wilson, Salomon, Arc’teryx), with 2023 revenue around $4.3B (Amer Sports, Form 20‑F, 2024). But it’s smaller than Nike or Adidas.
• Largest sporting-goods retailer that also designs its own equipment: Decathlon, with 2023 sales of ~€15.6B (Decathlon Activity & Sustainability Report 2023). It’s private and not directly comparable to Nike.
• How you define “biggest” changes the answer: revenue, market cap, brand value, or retail footprint give different winners.
• Want to verify yourself? Pick the metric, check latest annual reports/filings, convert currencies, and confirm whether apparel/footwear is included in your definition.

What “biggest” actually means in sports equipment

If you clicked a headline like “What is the biggest sports equipment company?” you probably want a single, clean winner. The catch: “biggest” isn’t one thing. Do you mean by money made, by investor value, by how many stores they run, or by how much true “equipment” they sell versus footwear and apparel? The answer shifts depending on the yardstick.

Here are the four lenses that matter most:

• Revenue (sales): How much money a company brings in during a year. This is the simplest way to say “biggest.”
• Market value (market cap): What public markets think the company is worth. Good for a “who’s the heavyweight?” feel, but it moves with stock price and sentiment.
• Brand value: Independent brand valuation firms (like Brand Finance) estimate the economic value of a brand. Useful for marketing clout, less so for “who sells the most gear?”
• Retail footprint: Total reach through stores and e‑commerce. Big retailers like Decathlon or Dick’s sell tons of gear made by many brands (and sometimes their own). They can be huge without being the top manufacturer.

There’s one more wrinkle: what counts as “sports equipment”? If you take a strict view-balls, rackets, bats, clubs, helmets, sticks, pads, bags, watches, GPS devices, skis, boards, and so on-you exclude most footwear and apparel. Under that stricter definition, companies that feel massive (Nike, Adidas) suddenly look less “equipment-heavy,” because most of their revenue comes from shoes and clothing. Still, Nike legally reports an “equipment” segment (bags, socks, balls, etc.), but it’s a small slice of Nike’s total.

So here’s the ground rule I’ll use for a straight answer:

• If the everyday question is “Who’s the biggest sports equipment company?” the common-sense industry answer is Nike. It leads by total sports-related revenue and by market value, even if footwear/apparel dominate its mix.
• If you care about “equipment-only” manufacturing at scale, Amer Sports (Wilson, Salomon, Arc’teryx, Peak Performance, Atomic) is a diversified, global player with multi-billion revenue, but it’s smaller than the footwear/apparel giants.
• If you care about who moves the most sporting goods in stores, Decathlon is the retail giant, selling a vast range of equipment and private-label brands across dozens of sports.

Why this matters: journalists, students, and buyers often talk past each other because they’re using different yardsticks. A quick definition up front saves you from arguing the wrong point.

Two pitfalls to avoid:

• Mixing retailers and manufacturers without saying so. Decathlon and Dick’s are retailers; Nike and Adidas are brand owners and wholesalers (with some direct retail). Decathlon also designs/manufactures many private-label products, which blurs lines.
• Mixing calendar years, fiscal years, and currencies. Nike’s fiscal year ends in May; Adidas uses a calendar year; Decathlon reports in euros; Anta in RMB. Always align the period and convert to a single currency for fair comparisons.

Quick rule of thumb: if you want the cleanest single-name answer for a general audience, say Nike. If you’re writing something that has to be precise about “equipment-only,” specify your scope and show both answers (manufacturer and retailer).

The 2025 leaderboard: who’s on top and by how much

Here’s where the numbers land as of 2025, using the latest full‑year figures available from company reports and filings. Conversions to USD are rounded for clarity (EUR≈1.08 USD; RMB≈0.14 USD; rates used here are simple, not official accounting rates).

Three takeaways from those numbers:

• Nike is the clear leader by sales volume in the sports category, even though its “equipment” slice is smaller than its footwear and apparel. In 2025, it also leads by market value among listed sports brands.
• Adidas holds the #2 revenue spot among brand owners, and it’s far ahead of the rest of the pack.
• Decathlon sells an enormous amount of gear as a retailer and private‑label producer. If your lens is “who puts the most sporting goods into people’s hands,” Decathlon is in the conversation, but it’s not directly comparable to Nike because of its retail model.

On brand value: Brand Finance’s recent Apparel rankings (2025) continue to place Nike as the world’s most valuable apparel brand. That’s apparel, not just sports, but it reinforces Nike’s marketing and pricing power in the athletic space.

On market value (market cap): market caps move with the stock price, but as of mid‑2025, Nike’s market value is still ahead of Adidas, Anta, Puma, and Amer by a large margin. This aligns with the “industry heavyweight” story even when quarterly sales are choppy.

On “equipment-only”: No single equipment label dominates every sport. The biggest players are diversified groups that own multiple equipment brands across categories and seasons. Amer Sports stands out because Wilson (balls, racquets), Salomon (outdoor, winter), and Atomic (skis) collectively create scale across true equipment lines. There are also category leaders like Callaway (golf; now Topgolf Callaway Brands), BRG Sports (Bell, Giro), and Bauer (hockey), but none approach Nike- or Adidas-level total revenue.

On retailers: It’s useful to separate “who makes” from “who sells.” Retailers move a ton of volume-Decathlon in Europe and beyond, DICK’S in the US, Sports Direct/Frasers Group in the UK-but they sell lots of other companies’ gear, not just their own. When you say “biggest company,” most readers expect manufacturer/brand‑owner numbers, not retailers’ gross sales.

So if you must choose one name for the biggest, Nike is the right answer for most general queries. If you’re writing a report that has to be precise about “equipment-only,” say so, then show your equipment‑centric pick separately.

How to choose the right “biggest” for your purpose (and keep it current)

If you’re a student, journalist, buyer, or curious fan, use this quick method to get a defendable answer anytime:

1. Define your metric first. Say it out loud: “Biggest by revenue,” “Biggest by market cap,” or “Biggest by equipment-only manufacturing revenue.” This stops scope creep.
2. Pick your peer set. Manufacturers/brand owners vs retailers. If you include retailers (Decathlon, DICK’S), call it out.
3. Pull the latest full-year numbers. Use annual reports, 10‑K (US), 20‑F (foreign), or audited results. Quarterly numbers are noisy.
4. Convert to a single currency. Note your exchange rate and keep it simple if you’re not doing forensic accounting.
5. Align time periods. Nike’s FY ends in May; Adidas is calendar year; Decathlon reports annually but as a private company. Don’t compare 2025 for one firm with 2023 for another without a note.
6. Call out the equipment share if that’s your angle. For Nike/Adidas, equipment is a small segment; for Amer, equipment is core.
7. Give the one-line answer your audience expects, then include your definition as a parenthetical. Example: “Nike is the biggest sports equipment company by revenue (FY2024 $51.4B).”

Want a handier checklist? Use this:

• Scope stated? (Revenue vs market cap vs brand value; Manufacturer vs Retailer)
• Latest full-year figures? (Source and year noted)
• Currencies consistent? (USD, EUR, RMB, etc.)
• If “equipment-only,” did you separate footwear/apparel?
• Any private companies? (State the source clearly)

Examples you can use in a report:

• General consumer question: “Nike is the biggest sports equipment company by revenue and market value as of 2025. FY2024 sales were ~$51.4B (Nike 10‑K).”
• Equipment-only angle: “Among diversified equipment manufacturers, Amer Sports is one of the largest, with 2023 sales of ~$4.3B (Amer 20‑F).”
• Retail scale angle: “Decathlon is the leading global sporting‑goods retailer with ~€15.6B sales in 2023 (Decathlon report).”

Mini‑FAQ

Isn’t Adidas bigger than Nike in some regions?
In a few markets or sports, sure. But globally, Nike’s total revenue and market value are higher than Adidas. Adidas remains a strong #2 by sales.

Does Nike actually sell “equipment” or just shoes and clothes?
Nike has an equipment segment (think balls, bags, socks, accessories), but it’s a small percentage of total revenue. Most of Nike’s business is footwear and apparel. The industry still lumps all of that under “sporting goods,” which is why Nike tops the list in common usage.

Why not count only “hard goods” for equipment?
You can. If you cut out footwear and apparel, the leaderboard changes. Then you’d favor diversified equipment manufacturers (Amer Sports, Callaway/Topgolf Callaway Brands, BRG Sports, Bauer, etc.). The reason most everyday answers say “Nike” is because people ask the question broadly.

Is Decathlon a manufacturer or retailer?
Both. It’s a retailer first, with a large network of private‑label brands across dozens of sports. That’s why it’s huge in sales and product breadth, but it’s not an apples‑to‑apples comparison with Nike or Adidas.

What about Chinese groups like ANTA or Li‑Ning?
ANTA Group is a major player with multi‑brand scale and strong growth in Asia. It’s still smaller in revenue than Nike and Adidas globally, but it’s important regionally and is expanding internationally.

Which brand is “most valuable” by brand valuation?
Brand Finance’s 2025 rankings for apparel place Nike at the top again. That supports the idea that Nike has the most powerful brand in sportswear, which helps pricing and distribution.

Next steps (pick your scenario)

• Writing a school paper: State your definition of “biggest,” cite two primary sources (Nike 10‑K, Adidas Annual Report), convert currencies once, and show a short table with 3-5 peers.
• Business planning or category strategy: Split the market into footwear, apparel, and hard goods. Map competitors by category, then by channel (direct, wholesale, marketplace). Track who controls shelf space versus who controls brand desire.
• Buying gear at scale (team/league): Look past brand size to product availability, warranty terms, and service levels. A huge brand isn’t always the best vendor for niche equipment.
• Market sizing/TAM work: Use public filings to anchor the top end (Nike, Adidas), add equipment-only manufacturers (Amer, Callaway), and triangulate with retailer disclosures (Decathlon, DICK’S) to avoid double counting.
• Keeping it current in 30 minutes: Each March-July, pull new annuals: Adidas (Mar), ANTA (Mar), Puma (Mar), Nike (Jul). Refresh your table, update FX, and save your sources.

Credible sources to cite (no links, just names you can search):

• Nike, Inc. Form 10‑K (filed July 2024) for FY2024 results
• Adidas Annual Report 2024
• Decathlon Activity & Sustainability Report 2023
• ANTA Sports Annual Results 2023
• Puma Annual Report 2023
• Amer Sports Form 20‑F (2024)
• DICK’S Sporting Goods 2023 Annual Report
• Brand Finance Apparel 50 (2025 edition) for brand value context

Bottom line for a clean, public‑facing answer in 2025: Nike is the biggest by revenue and market value. If your brief is “equipment-only,” say so, then point to diversified equipment manufacturers like Amer Sports and note the retailer outlier, Decathlon, for sheer volume of sporting goods sold.